PMP Earned Value Cheat Sheet
If you are studying for the PMP exam, you need to memorize these formulas. This cheat sheet is designed to be printed and kept as a quick reference guide during study sessions.
1. Complete Terminology (Including Old Names)
| Abbr | Old Name | Full Name | Definition |
|---|---|---|---|
| BAC | — | Budget at Completion | Original project budget (fixed at baseline). |
| PV | BCWS | Planned Value | Budgeted value of the work planned to be done. |
| EV | BCWP | Earned Value | Budgeted value of the work actually completed. |
| AC | ACWP | Actual Cost | Actual money spent to complete the work. |
2. All EVM Formulas & Memory Tricks
| Metric | Formula | What it means |
|---|---|---|
| Cost Variance (CV) | EV - AC | Under or over budget? ($) Trick: EV always comes first in variance formulas! |
| Schedule Variance (SV) | EV - PV | Ahead or behind schedule? ($) Trick: SV uses PV because Schedule = Planned. |
| Cost Performance Index (CPI) | EV / AC | Cost efficiency of resources used. Trick: EV is always on top for index formulas! |
| Schedule Performance Index (SPI) | EV / PV | Efficiency of time used. Trick: above 1 is good, below 1 is bad. |
| EAC (typical performance) | BAC / CPI | Most common EAC formula. Past performance continues. Trick: original budget divided by current efficiency. |
| EAC (one-time variance) | AC + (BAC - EV) | Future work will proceed at the planned rate. |
| EAC (schedule pressure) | AC + [(BAC-EV)/(CPI×SPI)] | Use when a firm deadline forces additional costs. |
| Estimate to Complete (ETC) | EAC - AC | How much more money is needed to finish? |
| Variance at Completion (VAC) | BAC - EAC | Will we finish under or over budget? Trick: Baseline minus Forecast. |
| To-Complete Perf. Index (TCPI) | (BAC-EV)/(BAC-AC) | Efficiency needed to hit the original BAC. |
3. Interpretation Quick-Reference
CPI & SPI
- Above 1.0: Good (under budget / ahead)
- 1.0: Exactly on target
- 0.9–0.99: Warning (slight overrun)
- Below 0.9: Bad (significant problem)
TCPI
- Below 1.0: Good (easily achievable)
- 1.0–1.1: Warning (challenging)
- Above 1.1: Bad (unlikely without change)
Variances (CV, SV, VAC)
- Positive (+): Favorable
- Zero (0): On target
- Negative (−): Unfavorable
4. PMP Exam-Specific Tips
- "BAC never changes due to variances": Overruns appear in AC and EAC — not in BAC. BAC only changes through formal re-baselining.
- "EV above PV = ahead of schedule, NOT under budget": Do not confuse schedule and cost metrics.
- "Negative CV = over budget, negative SV = behind schedule": Negative is always unfavorable.
- "EV is always first": In every CV, SV, CPI, and SPI formula, EV is the first term or numerator.
- "BCWP, BCWS, ACWP = old names still tested": BCWP = EV, BCWS = PV, ACWP = AC.
Practice These Formulas With Interactive Questions
Use our free calculator and built-in PMP quiz to test your knowledge with PMBOK-based scenario questions.
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